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Cadeler A/S operates as an offshore wind installation vessel contractor, with CDLR American depositary shares each representing four ordinary shares. The company owns and operates jack-up offshore wind installation vessels used for wind turbine generator installation, foundation transportation and installation, maintenance, decommissioning and related offshore construction work.
Recurring company developments include vessel deliveries, fleet utilization, annual and interim earnings, contract awards for transportation and installation work, O&M campaigns through Nexra, financing facilities, private placements, and capital allocation. Cadeler’s updates also cover project activity across offshore wind markets in Europe, Asia-Pacific and the United States.
Cadeler (NYSE: CDLR) has signed a Vessel Reservation Agreement with Ocean Winds for the installation of wind turbine generators at the BC-Wind offshore wind farm in the Polish Baltic Sea. The contract's potential value ranges between EUR 48-56 million. The project involves installing approximately 30 WTGs using one of Cadeler's O-class vessels, with completion scheduled for 2028.
The BC-Wind farm, located 23 km from the Polish coastline, will have a capacity of up to 500 MW. This agreement strengthens Cadeler's position in the Polish offshore wind market, adding to their existing projects including Bałtyk 2 and 3, Baltica 2, and Baltic Power. The Baltic Power project, involving 76 Vestas 15 MW turbines, is scheduled for completion in 2026.
Cadeler has secured two contracts for its newbuild wind installation vessel, Wind Mover, with a total estimated value of up to EUR 75 million. The contracts, signed with undisclosed clients, will commence immediately upon the vessel's delivery in Q4 2025 and cover operations and maintenance activities, along with potential installation work in Europe.
Wind Mover will be the second of two M-class wind installation vessels in Cadeler's newbuild portfolio, following its sister vessel Wind Maker's delivery in January 2025. These vessels are specifically designed to install next-generation offshore wind turbines. The combined agreement spans from Wind Mover's European arrival post-delivery until its next scheduled installation project.
Cadeler reported strong Q3 2024 results with revenue of EUR 81 million (vs EUR 23M in Q3 2023) and EBITDA of EUR 48 million (vs EUR 8M in Q3 2023). The company increased its 2024 guidance, now expecting revenue of EUR 243-253 million and EBITDA of EUR 115-125 million. Fleet utilization reached 86.5% in Q3.
The company welcomed the Wind Peak vessel, delivered on time and within budget. The order backlog stands at EUR 2.386 billion, including new contracts for Bałtyk 2 and 3 projects (EUR 120-144M) and East Anglia TWO project (EUR 360-382M). Total assets increased 46% to EUR 1.828 billion, with equity at EUR 1.132 billion.